Market Information Tuesday 9 August 2022

The Ukrainian Embassy in Lebanon announced on Monday that the first cargo ship carrying corn from Ukraine was refused by the buyer in Lebanon due to a 5-month delay in the delivery. It was the first cargo ship to be able to depart from Ukraine via the Black Sea since Russia’s invasion. The ship is carrying over 26500 tons of corn and is currently looking for a new destination. A smaller cargo ship carrying corn was able to reach its final destination in Turkey on Monday, making it the first cargo ship to complete its journey from Ukraine in a long time.

As a result of the drought in the Nordic countries this spring, the Minister of Energy of Norway has announced that the energy exports from Norway will be limited. Replenishing reservoirs is the priority over energy production. The country is one of the largest exporters of energy in Europe, exporting almost 20% of the energy they produce.

After falling 10% last week, the price of oil rebounded on Monday to a price of USD 90.76 for a barrel of WTI. Despite the rise, negative sentiment remains due to ongoing concerns of a global recession and weak oil demand. If a deal follows from the resumed talks on a possible nuclear deal with Iran, the oil price will come under even more pressure.

The 6M Euribor decreased with 1 basis point to 0.68% compared to previous business day. The 10Y Swap decreased with 4 basis points to 1.76% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.